Why Do You Need It?
Buying a new home is one of life's most gratifying experiences. As you
approach the big day of closing, however, all the details can be a little
overwhelming. You might easily overlook the single most important step in the
entire process -- the purchase of Title Insurance on the wonderful new home of
yours.

What is a Title?
A title is the evidence, of right, that a person has to the ownership
and possession of land. It is possible that someone other than the owner
has a legal right to the property. If that right can be established,
this person can claim the property outright or make demands on the owner
as to its use.

Do I need Title Insurance?
Most definitely! Title insurance is a means of protecting yourself
from financial loss in the event that problems develop regarding the
rights to ownership of your property. There may be hidden title defects
that even the most careful title search will not reveal. In addition to
protection from financial loss, title insurance pays the cost of
defending against any covered claim.

What can make a Title Defective?
Any number of problems that remain undisclosed after even the most
meticulous search of public records can make a title defective. These
hidden "defects" are dangerous indeed because you may not learn of them
for many months or years. Yet they could force you to spend substantial
sums on a legal defense, and still result in the loss of your property.

But the lender already requires Title Insurance, won't that
protect me?
Not necessarily. There are two types of Title Insurance. Your lender
likely will require that you purchase a Lender's Policy. This policy
only insures that the financial institution has a valid, enforceable
lien on the property. Most lenders require this type of insurance, and
typically require the borrower to pay for it.

An Owner's Policy on the other hand is designed to protect you from
title defects that existed prior to the issue date of your policy. Title
troubles, such as improper estate proceedings or pending legal action,
could put your equity at serious risk. If a valid claim is filed, in
addition to financial loss up to the face amount of the policy, your
owner's title policy covers the full cost of any legal defense of your
title.

How much does Title Insurance cost?
The one-time premium is directly related to the value of your home.
Typically, it is less expensive than your annual auto insurance. It is a
one-time only expense, paid when you purchase your home. Yet it
continues to provide complete coverage for as long as you or your heirs
own the property.

When should I look into purchasing Title Insurance?
Call Old Republic Title as soon as you and the seller sign the earnest
money contract. With a brief summary of the details, our team of title
experts will begin a search of the public records and issue a title
commitment. Because there are a number of steps we must take to make
certain that we know all we can about the title, it is wise to get the
ball rolling as soon as possible.

Should I shop around for the best Title Insurance deal?
Some states closely regulate rates. Others permit open competition,
often resulting in significant differences between title insurers on
rates and coverage. Depending where you live, it pays to investigate
your options carefully in order to obtain the most complete coverage.

What items are needed at closing?
You will want to have these items complete or in hand when you come to
the closing (please confirm with your escrow officer, as practices vary
by state):